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Research by PB
Outperform – TP of RM2.57

“Turning Bullish”

We came away from Mi Technovation’s recent analyst briefing with some positive key takeaways as management sounded more bullish on its Semiconductor Equipment Business Unit (SEBU) outlook while also aiming to see a turnaround in its Korean operations by the end of this year. Should Ningbo’s losses subside substantially, it could potentially spring a surprise to our earnings forecasts. We reiterate our Outperform call on Mi Technovation with an unchanged TP of RM2.57 based on 30x FY24 EPS.

Analyst(s):
Chong Hoe Leong
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$KLSE-MI
Research by PB
Outperform – TP of RM2.57

“Turning Bullish”

We came away from Mi Technovation’s recent analyst briefing with some positive key takeaways as management sounded more bullish on its Semiconductor Equipment Business Unit (SEBU) outlook while also aiming to see a turnaround in its Korean operations by the end of this year. Should Ningbo’s losses subside substantially, it could potentially spring a surprise to our earnings forecasts. We reiterate our Outperform call on Mi Technovation with an unchanged TP of RM2.57 based on 30x FY24 EPS.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my